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Oakmark sell Dell stake after Blackstone drops bid

Published on NewsOK Modified: April 24, 2013 at 5:32 pm •  Published: April 24, 2013

"We believed Blackstone had an information advantage compared to other potential bidders," William C. Nygren, a portfolio manager, said in a statement on Oakmark's website. "At Oakmark, we have always paid extra attention to the actions of investors who have access to information public investors don't have."

Oakmark will invest the proceeds of its sale of Dell stock in other stocks that it regards as undervalued, Nygren said. Dell stock accounted for about 2.1 percent of the investment firm's total net assets.

Dell closed up 21 cents, or 1.6 percent, at $13.30 in trading on Wednesday. Despite falling after Blackstone dropped its bid, the company's stock is still up 32 percent this year.